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Energy Transition in the Oil & Gas Industry

The energy transition seeks to transform the energy industry from a fossil-based system to one powered by sustainable energy sources. Crucial to this is the role of international oil companies (IOCs) and how they plan to achieve net-zero-emissions.

The energy industry faces increasing pressures to make the dependence on oil and gas transition to a dependence on renewables, like wind, solar, and hydropower. To survive this energy transition, IOCs must fully embrace decarbonization.

The International Renewable Energy Agency (IRENA) has analysed the decarbonization strategies of seven IOCs. For example, to achieve net-zero-emissions by 2050, BP PLC aims to add 50 GW of renewables to its portfolio and increase its low-carbon investment tenfold by 2030.

IRENA has developed a Transforming Energy Scenario, outlining how the energy industry can achieve decarbonization. Central to this is an urgent deployment of low-carbon technologies and an increased use of electricity generated from renewables.

Key fact: Under IRENA’s scenario, the share of renewable energy will rise from 14% today to at least 65% in 2050

While this transformation requires huge financial investments, by 2050, the global uptake of renewables could cut fossil fuel usage by two-thirds.

Benefits

  • Reduces greenhouse gas emissions

  • Supports sustainable future

  • Combats climate change

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